CADJPY - short at CMP

CAD pairs are moving down. We have price in the over bough region andlast candle closed with bearish intentions.We expect Crude to go bearish on all time frames which will fuel our CAD drop. Crude is currently in the supply zones on the hourly and daily. On the 4 hourly crude is flirting with resistance and we could see a drop in this commodity. Soon as we have clear signal for an entry we will update this indea. We have included 3 charts (hourly, 4hourly and daily) to give you a bigger picture of price movement.

With regards to the USD index , the hourly charts shows us that price is over sold and in a bullish divergence. This could signal some bullish movement which will aid in our short idea.